Core Viewpoint - The transaction between State Grid Yingda and China National Petroleum Corporation (CNPC) represents a strategic move to enhance financial collaboration and optimize business structures, benefiting both parties through resource concentration and expanded financial service capabilities [1][3]. Group 1: Transaction Details - Yingda Securities plans to sell its 100% stake in Yingda Futures for 1.129 billion yuan, reflecting an appraisal value increase of 86.6131 million yuan, or an 8.31% appreciation [2][4]. - The sale aims to improve cash flow for Yingda Securities and allow it to focus on its core securities business, while CNPC's subsidiary, China National Petroleum Capital, will gain a futures license to enhance its financial service offerings [2][5]. Group 2: Financial Performance - Yingda Futures has faced performance challenges, with projected revenues of 101 million yuan and 19.22 million yuan for 2024 and the first three months of 2025, respectively, alongside a net profit of 1.23 million yuan and a loss of 1.043 million yuan [4]. - Despite these challenges, Yingda Futures' total assets were valued at 3.042 billion yuan, with net assets of 1.044 billion yuan as of March 2025 [4]. Group 3: Strategic Implications - The transaction is expected to enhance the core competitiveness of Yingda Securities by allowing it to optimize its business structure and focus on strategic transformation [5]. - For CNPC, acquiring Yingda Futures will deepen its integrated financial services in the energy and chemical sectors, improving its risk management capabilities and overall service quality [5][7]. Group 4: Broader Corporate Developments - Concurrently, CNPC will transfer 379 million shares of China National Petroleum Capital to State Grid Yingda Group, making it the second-largest shareholder, which is aimed at improving the quality of the listed company and expanding cooperation [7]. - This collaboration between two major state-owned enterprises is expected to enhance their competitive advantages and foster mutual development [3][7].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The tin market is currently under the double pressure of "falsification of supply anxiety" and "negative demand feedback." The previous core logic supporting the tin price to reach 348,000 yuan/ton was the "expectation of raw material shortage," but this logic is weakening. The supply bottleneck is being broken by the recovery of trade flows, while the demand side has a strong rejection reaction due to high prices. The accumulation of social inventory at the end of the peak consumption season falsifies the "shortage" proposition. The decline in photovoltaic module production and weak consumer electronics orders make the downstream demand extremely fragile. As a result, the high - valuation of tin prices has lost its fundamental anchor, and the market logic is switching from "strong expectation" to "weak reality," with a downward trend being the path of least resistance [2]. - In the short - term, with the end of the Christmas holiday and the approaching year - end closing, the willingness of long - position funds to withdraw is stronger than to attack. The spot market is in a "high - price but no - trading" situation. The continuous closure of the import window fails to prevent inventory accumulation, indicating weak domestic demand. Without sudden supply disruptions, the market will be dominated by short - sellers [4]. - Looking forward to Q1 2026, the long - term structural contradiction in the tin market will shift from "mineral shortage" to "mismatch between smelting capacity expansion and demand interruption." Although the current tin ore processing fee in Yunnan is at a historical low, it reflects a stock game. With the expected resumption of production in Myanmar and the supplement of imported ore sources, the supply of refined tin is expected to increase slightly year - on - year in Q1 2026. However, the demand side is weak. If there is no substantial restocking in consumer electronics in Q1 2026, the tin price may face a deep valuation adjustment and return to the cost line [7]. Group 3: Strategy Recommendations Trading - type Strategy Recommendations - **Futures Unilateral**: Short at high prices. The logic is the alleviation of supply anxiety, inventory accumulation, and year - end capital withdrawal. It is recommended to place short orders in the range of 338,000 - 342,000 yuan, with a target price of 325,000 yuan and a stop - loss above the previous high of 348,000 yuan [11]. - **Option Strategy**: Buy put options or use bear spreads. The logic is that volatility may increase as prices fall, and buying out - of - the - money put options can bet on a rapid price correction [12]. - **Arbitrage Strategy**: Short near - term contracts and long far - term contracts (Contango structure trading). The logic is that domestic inventory is continuously accumulating and the spot is at a discount, so the monthly spread structure may deepen in the direction of Contango [13]. Industrial Customer Operation Recommendations - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, sell 75% of the main Shanghai tin futures contracts at around 350,000 yuan and sell 25% of SN2602C call options when the volatility is appropriate [14]. - **Raw Material Management**: For enterprises with low raw - material inventory worried about price increases, buy 50% of the main Shanghai tin futures contracts at around 330,000 yuan and sell 25% of SN2602P put options when the volatility is appropriate [14]. Group 4: This Week's Important Information and Next Week's Events This Week's Important Information - **Likely Positive Drivers**: Not provided in the report. - **Negative Information**: Inventory has accumulated, SMM's three - place social inventory has increased to 9,378 tons (weekly increase of 186 tons), and SHFE warehouse receipts have increased to 7,844 tons; demand has declined, with a 12.5% month - on - month decrease in global photovoltaic cell production in December and weak electronic consumption; supply has eased, with a surge in Indonesia's refined tin exports in November and a significant month - on - month increase in China's tin ore imports in November; spot trading is cold, with strong price - aversion sentiment and a "high - price but no - trading" situation [19]. - **Spot Transaction Information**: The price of Shanghai Non - ferrous tin ingots is 334,750 yuan/ton, down 2,350 yuan (- 0.7%); the 1 tin premium is 500 yuan/ton, up 300 yuan (150%); the price of 40% tin concentrate is 322,750 yuan/ton, down 2,350 yuan (- 0.72%); the price of 60% tin concentrate is 326,750 yuan/ton, down 2,350 yuan (- 0.71%); the price of 60A solder bar is 214,250 yuan/ton, down 1,000 yuan (- 0.46%); the price of 63A solder bar is 223,750 yuan/ton, down 1,500 yuan (- 0.67%); the price of lead - free solder is 340,750 yuan/ton, down 2,500 yuan (- 0.73%) [17]. Next Week's Important Events - **Domestic**: On December 31st, the official manufacturing PMI will be released to verify the changes in the prosperity of the electronics/photovoltaic industry chain. Throughout the week, monitor the change in spot inventory, as whether inventory stops accumulating is the key to a price stop - fall [17]. - **International**: Throughout the week, pay attention to the latest news on the resumption of production in Myanmar's Wa State (the biggest variable on the supply side) and the change in the proportion of LME inventory cancellation warrants (to check for the outflow of overseas hidden inventory) [20]. Group 5: Disk Interpretation Price, Volume, and Capital Interpretation - **Macro Sentiment**: The US has postponed the additional tariffs on Chinese chips for 18 months, and NVIDIA plans to deliver the H200 chip, easing concerns about the technology war [19]. - **Processing Fee at a Low Level**: The processing fee for 40% tin concentrate in Yunnan remains at 12,000 yuan/ton, and that for 60% ore in other regions remains at 8,000 yuan/ton, at a historical low [19]. - **LME Inventory**: LME inventory is 4,895 tons, still at a relatively low level, with only 160 tons in American inventory [19]. Domestic Market - **Unilateral Trend and Capital Movement**: This week, the weighted tin price contract closed at 338,500 yuan per ton. Currently, profitable positions are mainly long in net positions [22]. - **Basis and Monthly Spread Structure**: This week, the domestic term structure is in a C structure [24]. LME Market - **Monthly Spread Structure**: The LME tin term structure remains in a B structure this week [28]. Internal - External Price Difference Tracking - This week, the internal - external price difference was relatively stable, with narrow fluctuations. The tin import loss is 14,018.67 yuan/ton, down 515.1 yuan (3.81%); the 40% tin ore processing fee is 12,200 yuan/ton, unchanged; the 60% tin ore processing fee is 10,050 yuan/ton, unchanged [30]. Group 6: Valuation and Profit Analysis - The long - term low processing fees have put pressure on smelter profits and suppressed production willingness [32]. Group 7: Supply - Demand and Inventory Projection Supply Side and Projection - Although no specific supply projection data is provided, it is mentioned that with the expected resumption of production in Myanmar and the supplement of imported ore sources, the supply of refined tin is expected to increase slightly year - on - year in Q1 2026 [7]. Demand Side and Projection - The demand side is weak. The decline in photovoltaic module production and the continuous weakness of consumer electronics orders make the downstream demand extremely fragile. If there is no substantial restocking in consumer electronics in Q1 2026, the tin price may face a deep valuation adjustment [2][7].

证券代码：600517 证券简称：国网英大 公告编号：临2025-039号 国网英大股份有限公司关于出售英大期货有限公司全部股权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 国网英大股份有限公司（以下简称"公司"或"上市公司"或"国网英大"）全资子公司英大证券有限责任 公司（以下简称"英大证券"或"转让方"）拟将其持有的英大期货有限公司（以下简称"英大期货"或"目 标公司"或"交易标的"）100%股权以人民币112,928.62万元的价格出售给中国石油集团资本有限责任公 司（以下简称"中油资本有限"或"受让方"）（以下简称"本次交易"）。本次交易由具备从事证券、期货 业务资格的沃克森（北京）国际资产评估有限公司（以下简称"沃克森"）进行评估，出具《英大证券有 限责任公司拟协议转让英大期货有限公司股权至中国石油集团资本有限责任公司涉及的英大期货有限公 司股东全部权益价值资产评估报告》（沃克森评报字(2025)第2063号）（以下简称"英大期货资产评估 报告"），前述评估报告结果已完成国有资产监督管理 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 12月26日，隔夜外盘休市，SHFE黄金收涨1.07%。今早开盘后，伦敦现货黄金重回4500美元/盎司之 上，伦敦现货白银跳空高开，盘中突破73美元/盎司，再创新高。 交易咨询资格：Z0016145 全球宽松叙事再加码。日本2026财年（2026年4月起）初始预算达122.3万亿日元，较2025财年的115.2万 亿日元增6.3%，为史上最大规模，增幅远超当前约2%左右的通胀水平，核心由社保、防卫、债务成本 等刚性支出驱动，同时依赖税收增长与发债补缺口。当前日本呈现"宽财政+紧货币"的组合，财政扩张 托底经济与民生，货币收紧抑制通胀，政策效果更具复杂性。地缘政治方面，乌总统表示讨论加快实 现"真正和平"的时间安排。近期贵金属市场再现过热情绪，金银依然表现坚挺，短期波动加大，注意仓 位管理。 撰稿：李琪 从业资格：F3046227 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性、可靠性和完整性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们已力求报告内容的客观、公正，但文中的观 点、结论和建议仅供参考，并不构成任 ...

一、在山东分公司负责人耿敬离职后，未在规定时间内报送相关材料，未在原负责人离职后及时指定新负责人或代为履职人员，反映出公司存 在报告不及时、对山东分公司管理不到位的问题。 决定书显示，前海期货存在以下问题： 蓝鲸新闻12月25日讯，近日，青岛证监局发布行政监管措施决定书，剑指前海期货有限公司。 如果对本监督管理措施不服，可在收到本决定书之日起60日内向 中国证券监督管理委员会申请行政复议（行政复议申请可以通过邮政 快递寄送至中国证券监督管理委员会法治司），也可在收到本决定书 之日起6个月内直接向有管辖权的人民法院提起行政诉讼。复议和诉讼 期间，上述监督管理措施不停止执行。 二、未将山东分公司员工工作手机纳入交易监控范围，内部控制存在漏洞。 上述行为违反了《期货公司董事、监事和高级管理人员任职管理办法》《期货公司监督管理办法》的规定。 针对以上问题，青岛证监局决定对前海期货有限公司采取出具警示函的监督管理措施，并将相关情况记入证券期货市场诚信档案。 青岛证监局 2025年12月22日 ...

Group 1 - The core idea of the news is the collaboration between CITIC Futures and the rural community of Jiangjun Mountain Village, focusing on the integration of party building and financial support to promote rural revitalization through the "Xinxing Agriculture" project [1][3] - During the recent visit, CITIC Futures donated 30,000 yuan to support local industry development and improve living conditions in Jiangjun Mountain Village [1] - The partnership aims to create a replicable service path for rural revitalization by exploring areas such as industry cultivation and risk prevention over the past year [3] Group 2 - The "Xinxing Agriculture" project serves as a link for CITIC Futures to provide comprehensive services including industry planning, risk management, and resource matching to support the agricultural sector [3] - A discussion was held regarding the cultivation of corn and the use of financial tools like "insurance + futures" to help farmers manage price volatility and stabilize their income [3]

在各种利好刺激之下，稀有金属走出波澜壮阔的行情，广期所铂金主力期货罕见走出三连板行情！ 12月24日，在国际黄金、白银价格接连刷新历史纪录的刺激下，广期所上市交易的铂金期货、钯金期货 全部涨停。铂金主力期货在开盘经过换手之后，便牢牢封住涨停，大涨7%，报657.65元/克，走出惊人 的三连板行情，截止收盘，铂金2606、2608、2610、2612合约全部涨停，其中铂金2606、2608、2612合 约大涨7%，2610合约大涨12%。自11月27日上市以来，在短短20个交易日中，铂金大涨49.13%，区间 最大涨幅超过54%。 | | 铂主连 | | --- | --- | | | pt99999 | | 657.65 | 657.65 振幅 0.62% = 15803 | | | 653.85 昨空 614.65 持仓 39147 | | PROCESS | 异动解读: 白宫再次呼吁降息+拍把价格相 ... ● × | | 分时 日K | 周K 月K 五日 #8 v | | | 前星权 筹码 | | 657.65 668,50 -------- | | | 605.16 | | | 541.83 | | ...

蓝鲸新闻12月23日讯，近日，天津证监局发布行政监管措施决定书，剑指永安期货股份有限公司天津分公司。 决定书显示，该分公司存在以下问题：一是客户回访工作不到位；二是任用无从业资格的人员从事期货业务；三是2023年我局现场检查期间， 向我局提供的现场检查材料不完整。 这些行为违反了《期货公司监督管理办法》《期货从业人员管理办法》的相关规定。 针对以上问题，天津证监局决定对永安期货股份有限公司天津分公司采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间， 上述监督管理措施不停止执行。 天津证监局 2025年12月17日 ...

Core Insights - The annual strategy meeting of Guotai Junan Futures for 2026 was held in Hangzhou, focusing on macro trends, industrial upgrades, asset allocation, and the development of the derivatives market [1] - Experts emphasized the need for continuous policy support for economic recovery and highlighted the potential impact of RMB appreciation on asset performance [1][2] - There is an optimistic outlook for the A-share market starting in 2025, with expectations of significant growth driven by capital market reforms and reduced economic uncertainty [1] Group 1 - Guotai Junan Futures' chairman, Jiang Tao, and other industry experts participated in discussions on macroeconomic trends and asset allocation strategies [1] - Professor Sheng Songcheng pointed out that while the economy is stable, further recovery requires sustained policy efforts, advocating for a balance between investment and consumption [1][2] - Fang Yi expressed a positive outlook for the A-share market, predicting a major growth cycle beginning in 2025, supported by changes in the underlying logic of the stock market [1] Group 2 - Wang Xiao indicated that the economic structure's recovery in 2026 will depend on policy guidance and the natural recovery of the economy, with significant changes expected by 2027 [2] - The roundtable forum discussed various perspectives on macroeconomic positioning and asset allocation opportunities for 2026, focusing on cross-border arbitrage and diversified strategies [2]

·南华期货：白银价格回调风险可能进一步累积黄金形态相对良好 ·东吴期货：美元信用式微贵金属将维持上涨趋势 ·金瑞期货：金银价格的长期核心驱动因素仍保持稳健 ·Kitco Metals：避险升温推动下期金下一目标是收盘站稳4500美元 金瑞期货表示，美国此前公布的非农以及CPI数据偏弱，有利于美联储进一步降息，叠加议息会议结果 偏鸽，使得金银获得一定利好。而白银继续受到工业和金融双重属性影响，在供需缺口和现货偏紧的驱 动下强势上涨。而中长期来说，宏观上包括主权国家赤字问题、地缘风险以及去美元化驱动的央行购金 等因素并未改变，金银价格的长期核心驱动因素仍保持稳健，短期调整不改长期趋势，且下方空间相对 有限。 Kitco Metals高级市场分析师Jim Wyckoff在最新点评中写道，在地缘政治紧张局势加剧的情况下，金银 价格强劲上涨并创下了历史新高。日内发生的两大事件推升了市场对地缘局势紧张的担忧。一方面，美 国继续在委内瑞拉附近扣押油轮，美国加强对委内瑞拉的石油封锁导致原油和贵金属价格上涨。另一方 面，俄罗斯高级将领在莫斯科因汽车炸弹身亡，也推高了避险。此外，外部环境对贵金属价格也较为有 利：美元指数温和下跌 ...